FRAUDS BY BANKER.

New Zealand Herald, Volume LXVI, Issue 20364, 19 September 1929, Page 11

FRAUDS BY BANKER.

CONFESSION TO POLICE.

SUM OF £IOO,OOO INVOLVED

NEW YORK, Sept. 11

"Mv bank was short of funds. I tried to borrow in Wall Sh'eet, but they would not give me any, so I just went and took it anyway. I am sorry now, for that 500,000 dollars (£100,000) will not do any good." With this confession, Charles Waggoner handed himself over to the police, who had been seeking him for a week for tho purpose of solving ono of the most mysterious transactions detectives have ever been called upon to investigate. Waggoner, president of tho Bank of Tollurido, Colorado, was the leading citizen of that town, head of the Chamber of Commerce, and financier for half of the industries of tho place. During the last year, however, mining languished, and tho bank was hard up for cash.

" I turned every way for money," said Waggoner, " but nobody would givo me any. Then 1 carefully worked out a swindle, if you call it that, lo repay my depositors, who really were given the worst of many deals by the clever financiers of Wall Street.

" I sent coded telegrams and. then went to New York and presented the drafts and got the cash. I was just trying lo get back their lifo savings for the people who trusted mv bank. Now (hoy are ruined, and I'm going to prison, I suppose."